54 LAWS OF MARYLAND. [CH. 36

of the water system and sewerage system of Ocean City, and
for such other proper public purposes as in the judgment of
the said Mayor and City Council may seem advisable.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Mayor and City Council of Ocean City is hereby
authorized and empowered to borrow on the credit of the said
town an amount not exceeding thirty five thousand dollars and
to issue coupon bonds therefor in sums of one thousand dollars
each, to be signed by the Mayor of said town and to be counter-
signed by the Treasurer thereof with the seal of the said town
attached, and to be designated as Ocean City Improvement,
Water System and Sewerage System Bonds of 1927. Said bonds
shall be issued as of January 1, 1927, and shall bear interest at
the rate of five per cent, per annum, payable semi-annually on
the first day of July and January in each and every year until
the said bonds are paid. Said bonds shall be registered by the
Treasurer in a separate book kept for that purpose and shall
forever be exempt from taxation for State, County and munici-
pal and other local purposes and shall have printed on them a
distinct reference to the act directing their issue.

SEC. 2. Be it further enacted as aforesaid, That said issue
of bonds shall be numbered consecutively beginning with num-
ber one and shall mature and be payable in the order of their
numbers as follows: Two thousand dollars January 1, 1939, and
two thousand dollars January first of each year thereafter to
and including January 1, 1955, and the remaining one thousand
dollars January 1, 1956. Said bonds shall be sold at public or
private sale or sales as a whole or separately or in groups and
at such place or places and at such time or times as in the dis-
cretion of said Mayor and City Council may seem advisable,
until all of said bonds, or so much thereof as may be necessary
shall be sold; but none of said bonds shall be sold at less than
par and accrued interest.

SEC. 3. Be it further enacted as aforesaid, That for the
purpose of redeeming said bonds at maturity and for securing
the prompt payment of interest thereon the said Mayor and
City Council is hereby authorized and directed to annually levy
upon all the taxable property of said town, such sums of money
as in the judgment of the Mayor and City Council of Ocean City
shall be necessary for the prompt payment of the interest on
said bonds and the principal thereof when the same shall become
due, and any surplus on hand at any time arising from such
levy, shall be by the said Mayor and City Council invested in
some safe security as a sinking fund which shall not at any time